Explanation Given: Waheedhas invested $5000 at an annual rate of 3.85%. Formula used: The formula for the amount accumulated after t years at the rate of r % compounded annually when the amount invested was P . A = P ( 1 + r n ) n t Calculation: Since, Waheed has invested $5000 at a rate of 3.85% for 3 years. Therefore, P = 5000 Annual rate = 3.85 % r = 0.0385 Also t = 3 If the money invested by Waheed is compounded quarterly then, n = 4 According to interest formula, A = P ( 1 + r n ) n t Substitute the values of P , r , n , t in the above formula: A = 5000 ( 1 + 0.0385 4 ) 4 ( 3 ) = 5000 ( 1 + 0

8th Edition

ISBN: 9780135909942

Author: TOBEY/SLATER

Publisher: PEARSON

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Chapter 11.1, Problem 42E

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To calculate: The amount of money Waheed will have after 3 years when compounded quarterly and monthly and the amount invested was $5000.

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Chapter 11.1, Problem 41E

Chapter 11.1, Problem 43E

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Chapter 11 Solutions

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The amount of money Waheed will have after 3 years when compounded quarterly and monthly and the amount invested was $5000.

Solution Summary: The author calculates that Waheed will have 5609.07 after three years when compounded quarterly and monthly and the amount invested was 5000.

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To calculate: The amount of money Waheed will have after 3 years when compounded quarterly and monthly and the amount invested was $5000.

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Chapter 11 Solutions